NovaGold (AMEX:NG), Gammon (NYSE:GRS), Eldorado (NYSE:EGO) Move Up on Gold Rebound

The boxed in price of gold broke out again today as news of slow hiring and rising unemployment pushed the price of gold back up over $1,400 today, and NovaGold Resources (AMEX:NG), Gammon Gold(NYSE:GRS), Eldorado Gold(NYSE:EGO), among other gold miners, moved up along with it.

Gold futures rose to a record $1,424.30 an ounce on November 9.

Along with the usual culprits for gold prices rising: quantitative easing, low interest rates, and collapsing U.S. dollar, was the news the unemployment rate moved up to 9.8 percent on very little hiring.

Recent news that China has acquired over 5 times more gold this year than they did all of last year also helped to provide support for the yellow metal.

NovaGold was trading at $14.88, up by $0.40, or 2.76 percent as of 12:29 PM EST. Eldorado rose to $18.72, gaining $0.40, or 2.18 percent. Gammon was at $7.58, rising by $0.43, or 6.01 percent.